Broker Opinion of Value
Glendale, California 91202
$9,350,000
Prepared Exclusively for Isabelle Gerald
Glen Scher, Senior Managing Director Investments
February 2026
NYSE: MMI
The LAAA Team is proud to present Stocker Gardens, a rare 27-unit, two-parcel multifamily portfolio in one of Glendale's most sought-after rental pockets. Located on W Stocker Street in the prestigious 91202 zip code, north of Glenoaks Boulevard and nestled below multimillion-dollar hillside homes, this offering combines institutional-quality scale with genuine value-add upside that is increasingly difficult to find in today's market.
The property comprises two adjacent parcels totaling 1.11 acres (48,353 SF) with five buildings containing 27 units: a charming 4-bedroom/3-bath Craftsman front house, 24 two-bedroom/one-bath apartments, and 2 one-bedroom/one-bath apartments. With $138,000 in annual rent upside from below-market units and a rear parking area eligible for up to 6 detached ADUs under California's SB 1211 legislation, Stocker Gardens offers a compelling layered value-add strategy.
Location: Walk Score 88 (Very Walkable). Three schools within one block. Starbucks and neighborhood shops within walking distance. Minutes from SR-134 freeway access. Glendale Unified School District, consistently one of the highest-performing districts in Los Angeles County. The Verdugo Mountains provide a dramatic backdrop visible from the property's interior courtyards.
Broad appeal across buyer segments supports competitive pricing and a short expected marketing period.
| Address | 420-428 W Stocker St, Glendale, CA 91202 |
| APN | 5636-001-020 (420) / 5636-001-021 (428) |
| Year Built | 1953 / 1954 |
| Units | 27 (1 house + 24x 2BR + 2x 1BR) |
| Building SF | 22,674 |
| Lot Size | 1.11 Acres (48,353 SF) |
| Lot Dimensions | 160 ft x 300 ft (combined) |
| Construction | Wood Frame |
| Buildings | 5 |
| Zoning | GLR4YY / R-1250 (High Density Residential) |
| Rent Control | AB 1482 + Glendale Ord. 5922 |
| Stories | 1-2 |
| Parking | Surface + Carport |
| School District | Glendale Unified |
| FEMA Flood Zone | Zone X (Shaded) |
| Fire Hazard | Not in VHFHSZ |
| Walk Score | 88 (Very Walkable) |
| Submarket | Glenwood (NW Glendale) |
| System | Condition / Status | Year |
|---|---|---|
| Roof (420 Front House) | Comp shingle, 36 squares | 2012 |
| Roof (420 Garage) | Comp shingle, 16 squares | 2012 |
| Roof (428) | Comp shingle Class A, 65 squares | 2007 |
| Plumbing (420) | Repiped, Units A-H (8 units) | 2005 |
| Plumbing (428) | 18 vents, 16 T&P valves replaced | 2004 |
| HVAC (420 Unit I) | FAU up to 100K BTU, A/C 3-15 HP | 2008 |
| HVAC (428) | Window units | Various |
| Electrical | Major plumbing/electrical work (seller reported) | 2024 |
| Windows | Replaced (seller reported, $10,700) | 2024 |
| Deck/Walkway (428) | Fiberglass recoat, stucco repair (permitted, finaled) | 2023-24 |
| Exterior Paint | Full exterior paint (seller reported) | 2024 |
| Appliances | Replacements (seller reported, $9,005) | 2024 |
| Parking | Surface lot + carport (rear area = ADU potential) | Original |
| Laundry | To be verified on inspection | TBD |
| Item | Status |
|---|---|
| Rent Control | AB 1482 (Tenant Protection Act) + Glendale Ordinance 5922 |
| Just Cause Eviction | Required (both buildings qualify, built before Feb 1, 1995) |
| Annual Rent Increase Cap | 5% + CPI (max 10%) per AB 1482; Glendale triggers relocation if >7% |
| Zoning | GLR4YY (Assessor) / R-1250 (Glendale High Density Residential) |
| Code Violations | None on file (Glendale permit portal) |
| Soft-Story Retrofit | Not mandatory in Glendale (voluntary program) |
| FEMA Flood Zone | Zone X (Shaded) — moderate risk, no insurance required |
| Fire Hazard | Not in Very High Fire Hazard Severity Zone |
| Seismic | Standard SoCal zone, no Alquist-Priolo designation |
| Protected Tree | 1 coast live oak on 420 parcel (Indigenous Tree Ordinance) |
| Date | Event | Price | $/Unit | Notes |
|---|---|---|---|---|
| 1991 | Earliest recorded deed | — | — | Gerald family ownership begins |
| 2007 | Family transfer | — | — | Michael A Gerald to Isabelle P Gerald |
| 2015 | Refinance | — | — | Chase, $3,500,000 (released 2022) |
| 2022 | Refinance | — | — | Chase, $1,350,000 (420) + $250,000 (428) |
| 2026 | Suggested List Price | $9,350,000 | $346,296 | First arms-length sale in 34+ years |
At $9,350,000, the suggested list price represents the first arms-length sale of this property in over three decades. The current assessed value of $4,238,666 reflects the long-term Proposition 13 tax basis. A buyer should anticipate property tax reassessment to approximately 1.13% of the sale price upon close of escrow, resulting in an estimated annual tax of $105,655 at the list price.
The subject property's two parcels total 1.11 acres (48,353 SF) in Glendale's R-1250 High Density Residential zone, which permits 1 dwelling unit per 1,250 SF of lot area. While this theoretically supports up to 38 units, the current regulatory and economic environment makes ground-up redevelopment impractical.
| Factor | Detail |
|---|---|
| Maximum Density (R-1250) | 38 units (48,353 SF / 1,250 SF per unit) |
| Current Units | 27 |
| Net Gain from Redevelopment | +11 units only |
| Height Limit (80 ft lot width) | 2 stories / 26 ft maximum |
| Estimated Redevelopment Cost | ~$35.2M all-in (RAND Corp. 2025: CA avg $430K/unit) |
| Estimated Completed Value | ~$19.8M (4.5% cap on $889K NOI) |
| Estimated Loss | ~$15.4M |
Interactive map available at the live URL.
| # | Address | Units | Sale Date | Price | $/Unit | Cap | GRM | Yr Built | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 437 W Glenoaks Blvd | 9 | 12/31/2025 | $2,800,000 | $311,111 | 4.93% | 13.37 | 1962 | Trust sale, sold above ask. Updated/remodeled. |
| 2 | 559 Glenwood Rd | 7 | 12/8/2025 | $2,565,000 | $366,429 | n/a | n/a | 1952 | Off-market. No financials. |
| 3 | 704 Palm Dr | 14 | 10/31/2025 | $6,350,000 | $453,571 | n/a | n/a | 1987 | Off-market. 1987 build. |
| 4 | 336 E Dryden St | 8 | 9/9/2025 | $3,240,000 | $405,000 | 4.84% | 13.43 | 1960 | New roof, copper plumbing, dual-pane. |
| 5 | 125 E Fairview Ave | 9 | 6/17/2025 | $4,240,000 | $471,111 | 4.83% | 13.72 | 1986 | 1986 build, central AC, subterranean pkg. 1 DOM. |
| 6 | 1244 N Columbus Ave | 12 | 5/30/2025 | $3,650,000 | $304,167 | 4.38% | 16.11 | 1953 | Same yr built. 95 DOM, $73K concessions. |
| 7 | 617 W Stocker St | 9 | 2/20/2025 | $3,546,000 | $394,000 | 4.77% | 14.84 | 1962 | SAME STREET. All 2BR/1BA. Updated. |
| 8 | 950 N Louise St | 25 | 1/24/2025 | $9,250,000 | $370,000 | 5.17% | 11.60 | 1967 | Best size match. M&M listing. $1M+ capex. |
| Averages | 11 | $4,455,125 | $384,423 | 4.82% | 13.84 |
Primary anchor: 617 W Stocker St (Comp 7) sold at $394,000/unit on the same street with an identical 2BR/1BA unit mix. The subject at $346,296/unit (list) represents a 12% discount, appropriate for the subject's 3x larger scale and older vintage. The near-identical $/SF ($402 vs. $412) validates the per-square-foot pricing.
Scale validation: 950 N Louise St (Comp 8), the only 25-unit comparable, sold at $370,000/unit despite a premium 91207 location, 3-story elevator building, and $1M+ in owner capex. The subject at $346K/unit is 6% below this premium asset, confirming conservative positioning.
Income metrics: At the $9.0M apartment value (before ADU premium), the subject delivers a 5.00% cap rate — above the comp median of 4.84%. This means a buyer gets more current income per dollar invested than the typical Glendale comparable, consistent with value-add positioning.
Interactive map available at the live URL.
| # | Address | Units | List Price | $/Unit | $/SF | DOM | Notes |
|---|---|---|---|---|---|---|---|
| 1 | 1151 N Columbus Ave | 5 | $1,699,000 | $339,800 | $496 | 19 | Turn-key trust sale |
| 2 | 719 N Jackson St | 6 | $1,950,000 | $325,000 | $368 | 20 | M&M listing, full gut reno |
| 3 | 1207 N Columbus Ave | 10 | $4,695,000 | $469,500 | $493 | 219 | Price drops, all 2BR/2BA, 1989 |
The subject at $346,296/unit is positioned between the fully renovated 1207 N Columbus ($469,500/unit, sitting on market at 219 DOM) and the smaller 719 N Jackson ($325,000/unit, M&M listing). This positioning offers buyers a compelling entry point relative to active inventory while reflecting the subject's scale advantage and value-add potential.
Interactive map available at the live URL.
| # | Address | Type | SF | Rent | $/SF | Notes |
|---|---|---|---|---|---|---|
| 1 | 550 W Stocker St | 2BR/2BA | 1,100 | $2,595-$2,695 | $2.36-$2.45 | Same street, renovated |
| 2 | 439 W Stocker St | 2BR/2BA | 1,093-1,200 | $3,479-$3,498 | $2.90-$3.18 | Luxury reno, TOP of market |
| 3 | 618 W Dryden St | 2BR | n/a | $2,550-$2,650 | n/a | 1 block north, updated |
| 4 | 409 W Dryden St | 2BR/2BA | n/a | $2,470-$2,800 | n/a | Updated kitchens |
| 5 | 404 W Stocker St | 2BR condo | n/a | $2,800 | n/a | Condo rental, same block |
| Subject 2BR/1BA | 2BR/1BA | 750 | $900-$2,630 | $1.20-$3.51 | Market: $2,650 |
| # | Address | Type | SF | Rent | $/SF | Notes |
|---|---|---|---|---|---|---|
| 1 | The Henley (245 W Loraine) | 1BR | 759 | $2,347-$2,459 | $3.09-$3.24 | Institutional/Class A |
| 2 | 550 W Stocker St | 1BR | n/a | $1,950+ | n/a | Same street, renovated |
| Subject 1BR/1BA | 1BR/1BA | 650 | $1,895-$1,950 | $2.92-$3.00 | Market: $2,295 |
The subject's 2BR units currently rent between $900 and $2,630/month, with a market potential of $2,650. The mid-market comps on Stocker Street and Dryden Street ($2,470-$2,695 for updated 2BRs) establish the achievable rent level. With 22 of 24 apartment 2BR units below the $2,650 market threshold, there is approximately $138,000 in annual rent upside from organic lease turnover and modest increases.
California Senate Bill 1211 (effective January 1, 2025) allows up to 8 detached ADUs per multifamily lot with ministerial (by-right) approval. Since the property comprises two separate legal parcels, each qualifies independently, creating a combined legal maximum of 16 detached ADUs. Physical site constraints in the rear parking area support a feasible estimate of 6 detached two-story ADUs (3 per parcel).
| ADU Cap per Lot | Up to 8 (SB 1211) |
| Height Allowed | 18 ft / 2 stories |
| Setbacks | 4 ft side & rear |
| Parking Replacement | Not required |
| Approval Process | Ministerial, 60 days |
| Owner Occupancy | Not required (AB 976) |
| Rear Parking Area | ~50 ft x 160 ft (~8,000 SF) |
| Net Buildable/Parcel | 72 ft x 40 ft (2,880 SF) |
| ADU Size (each) | 880 SF (2-story, 20x22 ft) |
| Layout | 3 per parcel (20+6+20+6+20=72 ft) |
| Feasible Total | 6 detached ADUs |
| Timeline | 12-18 months |
| Metric | Optimistic | Realistic | Conservative |
|---|---|---|---|
| Cost per ADU | $250,000 | $275,000 | $325,000 |
| Total Cost (6 units) | $1,500,000 | $1,650,000 | $1,950,000 |
| Rent per Unit/Month | $2,400 | $2,300 | $2,200 |
| Annual Gross (6 units) | $172,800 | $165,600 | $158,400 |
| Annual NOI | $137,160 | $127,320 | $117,480 |
| Estimated Profit | $1,243,200 | $896,400 | $399,600 |
| ROI | 83% | 54% | 20% |
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 420-House | 4BR/3BA | 2,500 | $5,000 | $2.00 | $5,000 | $2.00 |
| 420-A | 2BR/1BA | 750 | $2,040 | $2.72 | $2,650 | $3.53 |
| 420-B | 2BR/1BA | 750 | $2,205 | $2.94 | $2,650 | $3.53 |
| 420-C | 2BR/1BA | 750 | $2,299 | $3.07 | $2,650 | $3.53 |
| 420-D | 1BR/1BA | 650 | $1,895 | $2.92 | $2,295 | $3.53 |
| 420-E | 2BR/1BA | 750 | $2,650 | $3.53 | $2,650 | $3.53 |
| 420-F | 2BR/1BA | 750 | $2,050 | $2.73 | $2,650 | $3.53 |
| 420-G | 2BR/1BA | 750 | $2,050 | $2.73 | $2,650 | $3.53 |
| 420-H | 1BR/1BA | 650 | $1,950 | $3.00 | $2,295 | $3.53 |
| 428-1 | 2BR/1BA | 750 | $2,040 | $2.72 | $2,650 | $3.53 |
| 428-2 | 2BR/1BA | 750 | $2,395 | $3.19 | $2,650 | $3.53 |
| 428-3 | 2BR/1BA | 750 | $2,475 | $3.30 | $2,650 | $3.53 |
| 428-4 | 2BR/1BA | 750 | $2,195 | $2.93 | $2,650 | $3.53 |
| 428-5 | 2BR/1BA | 750 | $2,150 | $2.87 | $2,650 | $3.53 |
| 428-6 | 2BR/1BA | 750 | $2,630 | $3.51 | $2,650 | $3.53 |
| 428-7 | 2BR/1BA | 750 | $2,100 | $2.80 | $2,650 | $3.53 |
| 428-8 | 2BR/1BA | 750 | $2,310 | $3.08 | $2,650 | $3.53 |
| 428-9 | 2BR/1BA | 750 | $900 | $1.20 | $2,650 | $3.53 |
| 428-10 | 2BR/1BA | 750 | $2,380 | $3.17 | $2,650 | $3.53 |
| 428-11 | 2BR/1BA | 750 | $2,650 | $3.53 | $2,650 | $3.53 |
| 428-12 | 2BR/1BA | 750 | $2,365 | $3.15 | $2,650 | $3.53 |
| 428-14 | 2BR/1BA | 750 | $2,040 | $2.72 | $2,650 | $3.53 |
| 428-15 | 2BR/1BA | 750 | $2,150 | $2.87 | $2,650 | $3.53 |
| 428-16 | 2BR/1BA | 750 | $2,025 | $2.70 | $2,650 | $3.53 |
| 428-17 | 2BR/1BA | 750 | $2,365 | $3.15 | $2,650 | $3.53 |
| 428-18 | 2BR/1BA | 750 | $1,970 | $2.63 | $2,650 | $3.53 |
| 428-19 | 2BR/1BA | 750 | $2,450 | $3.27 | $2,650 | $3.53 |
| TOTAL | 27 Units | 21,800 | $61,729 | $2.83 | $73,190 | $3.36 |
| Line Item | Current | Pro Forma | Per Unit | % of EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $740,748 | $878,280 | $27,435 | 104.4% |
| Less: Vacancy (5%) | ($37,037) | ($43,914) | $-1,372 | -5.2% |
| Effective Rental Income | $703,711 | $834,366 | $26,063 | 99.2% |
| Other Income (Parking) | $5,820 | $5,820 | $216 | 0.8% |
| Effective Gross Income | $709,531 | $840,186 | $26,279 | 100.0% |
| EXPENSES | ||||
| Real Estate Taxes | $105,655 | $105,655 | $3,913 | 14.9% |
| Insurance | $28,074 | $28,074 | $1,040 | 4.0% |
| Water & Power | $24,945 | $24,945 | $924 | 3.5% |
| Gas | $2,979 | $2,979 | $110 | 0.4% |
| Trash Removal | $17,700 | $17,700 | $656 | 2.5% |
| Repairs & Maintenance | $20,250 | $20,250 | $750 | 2.9% |
| Landscaping | $4,800 | $4,800 | $178 | 0.7% |
| Pest Control | $700 | $700 | $26 | 0.1% |
| On-site Manager | $24,000 | $24,000 | $889 | 3.4% |
| General & Administrative | $2,160 | $2,160 | $80 | 0.3% |
| Operating Reserves | $4,050 | $4,050 | $150 | 0.6% |
| Management Fee (4%) | $28,381 | $33,607 | $1,051 | 4.0% |
| Total Expenses | $263,694 | $268,920 | $9,766 | 37.2% |
| Net Operating Income | $445,836 | $571,266 | $16,512 | |
| Cap Rate (Current) | 4.77% |
| Cap Rate (Pro Forma) | 6.11% |
| GRM (Current) | 12.62 |
| Price Per Unit | $346,296 |
| Price Per SF | $412 |
| Loan Amount (55% LTV) | $5,142,500 |
| Down Payment (45%) | $4,207,500 |
| Interest Rate | 5.75% |
| Amortization | 30 Years |
| Loan Term | 3 Years (Due 2029) |
| Loan Constant | 7.00% |
| Price | $/Unit | $/SF | Cap Rate | PF Cap | GRM |
|---|---|---|---|---|---|
| $9,750,000 | $361,111 | $430 | 4.53% | 5.81% | 13.16 |
| $9,650,000 | $357,407 | $426 | 4.58% | 5.88% | 13.03 |
| $9,550,000 | $353,704 | $421 | 4.64% | 5.96% | 12.89 |
| $9,450,000 | $350,000 | $417 | 4.71% | 6.03% | 12.76 |
| $9,350,000 | $346,296 | $412 | 4.77% | 6.11% | 12.62 |
| $9,250,000 | $342,593 | $408 | 4.83% | 6.19% | 12.49 |
| $9,150,000 | $338,889 | $404 | 4.90% | 6.27% | 12.35 |
| $9,050,000 | $335,185 | $399 | 4.96% | 6.35% | 12.22 |
| $8,950,000 | $331,481 | $395 | 5.03% | 6.43% | 12.08 |
| $8,850,000 | $327,778 | $390 | 5.10% | 6.52% | 11.95 |
| $8,750,000 | $324,074 | $386 | 5.17% | 6.61% | 11.81 |
| $8,650,000 | $320,370 | $381 | 5.25% | 6.70% | 11.68 |
| $8,550,000 | $316,667 | $377 | 5.32% | 6.79% | 11.54 |
The suggested list price of $9,350,000 comprises two components: a $9,000,000 apartment income value (supported by a 5.00% cap rate on normalized current NOI of $449,791) plus a $350,000 ADU development premium reflecting the by-right opportunity to construct 6 detached ADUs in the rear parking area under SB 1211.
The apartment value is anchored by the same-street comparable at 617 W Stocker St ($394,000/unit), which sold at a 15% per-unit premium to the subject, and the best size-match comparable at 950 N Louise St (25 units, $370,000/unit), which sold at an 11% premium. At $346,296/unit, the subject is conservatively positioned relative to both anchors, offering buyers a value entry point with $138,000 in organic rent upside.
The ADU premium of $350,000 represents approximately 39% of the estimated $896,000 development profit under realistic assumptions. Even at the full premium, a buyer retains $546,000 of profit at a 33% ROI on the $1.65M ADU investment. The premium is further justified by the scarcity of 1.1-acre multifamily sites with by-right ADU entitlement in Glendale's prime Glenwood submarket.
